Business
FG Commends Dangote Cement’s Economic Diversification Roles
. . . Minister lauds Cement Plant’s promotion of best practices
The Federal Government has commended the leading roles being played by the Dangote Group in complementing government’s efforts to diversify the economy and the company’s dedication to promotion of best practices in its operations.
Minister of State for Environment, Dr. Iziaq Saloko expressed the views while on a familiarisation visit to Dangote Cement plant, Ibese, Ogun State.
According to a statement from the Dangote Group on Thursday, the commendation came even as the Ogun State government identified the company as a key driver of the state’s economy with the citing of Africa’s second biggest cement plant in the state.
The Minister’s visit was followed by a community engagement preparatory to the Expert Panel Review of the report of an Environmental Impact Assessment carried out on Coal milling at the Plant.
The Minister said, “Dangote Industries as a whole is an international conglomerate and I am happy that the company is at the forefront of promoting best practices in terms of conception, planning, implementation, management of factories that are manufacturers like this.”
Dr. Salako and his entourage, who were received by the Plant Management led the Plant Director, Azad Nawabuddin, described mining as one of the key industrial sectors that President Bola Tinubu’s administration had targeted for economic diversification as the nation embarks on gradual shift from oil and gas dependency.
He said it was for this reason that Dangote Cement should be commended for the huge cement plant which is creating jobs and opportunities for export.
He added that limestone mining activities, a key raw material in cement manufacturing is one such area that attention of the government was shifting to.
Dr. Salako pointed out that while mining sector has huge potential to develop the nation’s economy, many challenges are associated with mining activities. He then commended Dangote cement for its adherence to best practices, saying, “having gone round to see the operations in the plant, I give kudos to Dangote Cement for the automation and high technology-driven operations.”
He explained that his visit was not unconnected with the Environmental Impact Assessment, which is being done on the plant’s Coal Mill, noting “there is a need for mining operations to be done in a sustainable manner so that the environment is not adversely affected. But I applaud Dangote Cement for being at the forefront of promoting best practices.”
The Minister said further, “For us in the ministry of environment, it means we must also sit up. Mining as it comes with its advantages, also comes with its challenges. So, we must be up and doing, as we expand the economy and grow Nigeria. We should also do it in a sustainable manner so that the environment is not adversely affected.
“We must continue in that respect to ensure that best practices are always promoted, environmental and social impact assessments are properly carried out, the stakeholders are properly involved, and the environment is properly protected so that our growth can be sustainable. That’s why we are here and I am happy that Dangote is at the forefront of that.”
On his part, Ogun State Commissioner for Environment, Ola Oresanya, who represented the Governor, Dapo Abiodun said the state was a beneficiary of Dangote Cement’s presence with the amount of levies and taxes it has paid into the state coffer.
He called for a more collaboration between the state agencies and the company noting that the state was not unaware of the activities of the plant to lift its host communities.
He added that the state would be more than ready to assist the company in any way possible.
In his remark, Nawabuddin took the minister through the social investments and infrastructural milestones recorded by the Plant since inception, saying the Company has been able to substantially contribute to infrastructure development and employment in the host communities.
The Plant Director told the Minister that the plant deals with 17 host communities across Yewa North and Ewekoro Local Government Areas of the state, saying they have greatly felt the impacts of the company through empowerment programmes and provision of infrastructure.
The Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira, citing a misalignment between its sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars.
In a statement issued on Wednesday, the refinery explained that its sales in Naira had exceeded the value of Naira-denominated crude it had received.
As a result, the company said it was necessary to adjust its sales currency to align with its crude procurement requirements.
The refinery also addressed online reports alleging that loading activities had been halted due to ticketing fraud.
Dismissing the claims as “malicious falsehoods,” Dangote Refinery assured stakeholders that its systems remain robust and that no fraudulent activities had occurred.
The statement reads, “We wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.
“To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.
“Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is malicious falsehood. Our systems are robust and we have had no fraud issues.
“We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira.
It added “We appreciate your understanding and cooperation during this period”.
Stock markets in Europe and Asia showed mixed performances on Wednesday, while gold reached a historic high, surpassing $3,045 per ounce.
The rise in gold prices was driven by renewed geopolitical concerns and trade uncertainties, following a tech-led selloff on Wall Street on Tuesday.
Investors turned to gold as a safe-haven asset after Israel carried out its most intense airstrikes on Gaza since a ceasefire with Hamas took effect.
Despite the escalation, oil prices edged lower as Hamas signaled openness to negotiations and urged international intervention for a truce.
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The U.S. Federal Reserve is expected to maintain its interest rate pause as it navigates economic turbulence linked to former President Donald Trump’s shifting tariff policies.
Many economists warn that the ongoing trade disputes, along with retaliatory measures from affected nations, could push the U.S. and other economies toward recession.
In Europe, markets showed varied trends, with London’s FTSE 100 and Frankfurt’s DAX dipping slightly, while Paris’ CAC 40 registered a gain.
Official data from the eurozone revealed that inflation slowed to 2.3% in February, a minor revision from the previously reported 2.4%, largely due to moderating consumer prices in Germany.
Asian markets also fluctuated, with Japan’s Nikkei 225 reversing earlier gains to end lower after the Bank of Japan opted to keep interest rates unchanged.
The central bank cited “high uncertainties” in the global economy, particularly concerning trade.
Meanwhile, Indonesia’s stock market attempted a mild recovery after Tuesday’s sharp decline of more than 7%, its biggest drop since 2011, amid concerns over weak consumer spending.
Political and Economic Pressures Mount
In Moscow, Russia accused Ukraine of attempting to “derail” agreements between President Vladimir Putin and former U.S. President Donald Trump aimed at halting strikes on energy infrastructure.
In Turkey, the lira plunged to an all-time low of 39 per dollar following a police raid on the home of Istanbul’s opposition mayor, Ekrem Imamoglu.
His detention over a corruption probe was condemned by his CHP party as a “coup,” adding to concerns over political stability in the country.
As U.S. markets prepared to reopen, analysts predicted a cautious session.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, commented: “The S&P 500 is set to open flat, amid high caution ahead of the crunch central bank decision.”
She added, “The Fed is widely expected to keep interest rates on hold, but investors will be hanging on [Fed chief] Jerome Powell’s words about future rate cuts. The tide has turned, with even the prospect of lowering borrowing costs unlikely to provide much solace given that they would be seen as indicating increasing weakness in the US economy.”
Key Market Figures (as of 10:30 GMT):
London – FTSE 100: ↓ 0.1% (8,696.72)
Paris – CAC 40: ↑ 0.5% (8,154.74)
Frankfurt – DAX: ↓ 0.1% (23,351.57)
Tokyo – Nikkei 225: ↓ 0.3% (37,751.88)
Hong Kong – Hang Seng: ↑ 0.1% (24,771.14)
Shanghai – Composite: ↓ 0.1% (3,426.43)
New York – Dow: ↓ 0.6% (41,581.31)
Currencies & Commodities:
Euro/Dollar: ↓ $1.0898
Pound/Dollar: ↓ $1.2969
Dollar/Yen: ↑ ¥149.73
Gold: ↑ $3,045 per ounce
WTI Crude Oil: ↓ 0.4% ($66.50 per barrel)
Brent Crude: ↓ 0.3% ($70.33 per barrel)
The Dangote Cement Zambia, a subsidiary of the Dangote Cement Plc has bagged three awards at the 6th national Corporate Social Responsibility (CSR) & Sustainability Awards in Lusaka, the Zambian capital.
It was gathered that at the awards organised by CSR Network Zambia, the company carted home the Food Security Initiative Award in the Excellence in Agriculture category, the Best Waste Recycling Initiative Award in the Environmental Sustainability category, and the Mental Healthcare Award in the Excellence in the Workplace category.
The award ceremony with the theme Driving Sustainable Impact through Innovation place held at Mulungushi International Conference Centre, Lusaka.
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The event saw the participation from the country’s over 60 major corporate organizations celebrating outstanding impactful CSR & Sustainability initiatives.
CSR Network Zambia’s Executive Director, Lee Muzala, commended Dangote Cement Zambia for its outstanding contributions to sustainable development and community empowerment.
He stated, “Dangote Cement Zambia has demonstrated exceptional commitment to driving positive change in agriculture, environmental sustainability, and workplace well-being. These awards are a testament to their dedication to creating a lasting impact in Zambia.”
Receiving the award, Head Environment and Social Performance (Sustainability Lead) Dangote Cement Zambia, Víctor Mpundu said, “We are deeply honoured to receive these prestigious awards. They reflect our unwavering commitment to sustainability and our efforts to make a meaningful difference in the communities we serve. At Dangote Cement, we believe that sustainable development is not just a responsibility but a core value that drives our operations.”
These awards are a significant milestone for Dangote Cement Zambia, highlighting the company’s leadership in sustainability and corporate social responsibility. They underscore the company’s efforts to promote food security through agricultural support, environmental conservation through innovative waste recycling initiatives, and employee well-being through mental health and wellness programs.
The recognition not only reinforces Dangote Cement Zambia’s position as a socially responsible corporate citizen but also serves as a motivation to continue driving impactful initiatives that contribute to the sustainable development of Zambia.
The Dangote Cement Plant, Zambia, located in Ndola, is a 1.5mta capacity fully integrated plant and part of Dangote Cement Group. In addition, Dangote Cement has operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (2.0Mta clinker grinding and import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta).
Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa. A fully integrated quarry-to-customer producer, with a production capacity of 35.25Mta in its home market, Nigeria. Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue state has 4Mta; and Okpella plant in Edo state has 3Mta.
Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement and clinker, serving neighbouring countries.
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